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Robosigning was improper but not really wrong. They had the right properties and the right people, just not the original documents. The banks thought they could set up a clearinghouse and keep track of stuff by computer rather than keeping a bunch of paper files around.
Now deadbeats are using the ‘robosigning’ issue as cover to blame the banks for their own mistakes and greed. Those of us who paid their home loans are subsidizing those who didnt. That’s really what it comes down to.
You are correct.
When I was doing the law thing I handled somewhere between 200-300 foreclosure suits for a couple of my S&L clients.
It was the Affidavit of Indebtedness (where Affiant says it is in default, the Plaintiff holds the original note, etc.) which was “robo signed.”
It is a matter for the Judge who handled the case(s) to decide if Affiant ( and/or Plaintiff) should be in contempt.
It was strictly procedural and not substantive and thus does not affect the actual foreclosure.
In other words, it is BS crapola and another excuse to cry “victim.”
UN Agenda 21 seeks the loss of private property rights in the US. This will help usher in Communitarianism (communism/capitalism).
This is just another prime example of government taking the easy way out instead of actually solving the problem.
Someone needs to grow a pair, put their reputation on the line and fix this. Just make a decision, any really, I don’t even care if it’s the right one. Give the banks an ultimatum “Either you write them down or you mark them to market, you have six months.” I don’t care if that’s right. It can’t be worse than what we’ve got. Banks are all to happy to limp along, spending resources to paper over problems, waiting for the tide to eventually turn. Problem is the tide never has to turn, or it may not turn for another 10+ years. This could easily drag on for another decade.